John Laing Infrastructure Share Discussion Threads

[skinny] 19/5/2011 07:07

Interim Management Statement

[jonwig] 04/4/2011 17:55

Results today, and presentation pdf on website.

A bit too much UK exposure (69%) for my liking, and the 'wrong' sort of PFI (schools, hospitals) rather than roads, rail. However, still holding.

[jonwig] 21/12/2010 19:41

Today's RNS on completion of the acquisitions has this:

We now own and manage a high quality, low risk infrastructure portfolio and remain confident in our ability to deliver a strong and predictable dividend yield, with a target of 6% and an IRR target of 7% to 8% over the longer term.

A dividend yield, of course, depends on the share price, so I assume they mean the yield on NAV. As the NAV will be calculated on a cashflow basis (is that so?) it's not clear that there will be any indexing of the dividend.

[jonwig] 01/12/2010 12:48

Disclosure: Long JLIF.

Ditto. Also long HICL, which has the stated aim of producing indexed dividend returns.

[andrewbaker] 01/12/2010 12:37

With interest rates as low as they are and likely to stay low for the foreseeable, this one will be bought for income portfolios, especially as the holdings are and will be in recession-proof areas, as indicated in the following, taken from press releases about the fund:

"The seed portfolio provides broad geographical and sector diversification, and includes projects in the health, schools, roads, regeneration, defence, street lighting, justice and emergency services sectors, and in the UK, Canada and Finland."

and

"Completion of acquisition of 15 asset portfolio for £216.9m

John Laing Infrastructure Fund ("JLIF"), which listed yesterday, is pleased to announce that it has already completed the acquisition of 15 PFI/PPP projects from the John Laing Group for £213.2 million and a further share in one project from the John Laing Pension Fund for £3.7 million. The acquisitions of four further projects are due to complete shortly, after which JLIF will own a 19 asset portfolio as detailed in the recently published prospectus.

Projects in the acquired portfolio are fully operational and supported by contracted, government-backed revenue streams, with inflation-linked revenues. They include the MoD headquarters in Whitehall, London; Abbotsford Hospital in British Columbia, Canada; and a section of the M40 Motorway in England. The four projects yet to complete are: the E18 road in Finland; Brockley Social Housing; Greater Manchester Police Stations; and the Metropolitan Police training centre in Gravesend.

David Marshall, JLIF Investment Adviser, said:

"This is an excellent start to JLIF's life as a listed company. With the fund now substantially invested in a portfolio of operational assets, JLIF is in a great position straightaway to start delivering value to its new shareholders.""

Disclosure: Long JLIF.

[jonwig] 28/11/2010 09:52

Am willing to buy on a yield of 5.5% - ie. to 109p. Will hold off if the market is weak, in the hope of coming in later.

[jonwig] 28/11/2010 09:48

First dealings are on Monday 29 November having raised an oversubscribed £270m @ 100p/sh.

Initiallty 19 projects (the Seed Portfolio), mostly UK-based.
First year dividend is 6p with an expected IRR of 7-8% pa.






Significant Holdings (as at 30/07/13):

Schroders ................. 65,799,410 14.5% (post-fundraising)
Newton Inv Mgt ............ 56,907,837 10.4% (post-fundraising)
John Laing Invs ........... 34,451,806.6.7% (post-fundraising)
3rd Swedish Pens Fnd ...... 28,571,429. 6.8%
Investec .................. 21,206,795 3.9%
Rensburg Sheppard ......... 17,185,769. 4.1%
Insight Inv Mgt ........... 15,975,000. 3.8%

Total .................... 545.73m shs (at 04/07/13)